Covered bonds: Kookmin has good news for Asia bond market

$1 billion deal six times oversubscribed; Could provide covered bond template for region’s other banks

In Hye Weon, Kookmin

“Even now there is no covered bond law. We had to rely on the existing ABS laws and try to structure it to meet those rules”

In Hye Weon, Kookmin

Korea’s Kookmin Bank, along with bookrunners HSBC and Citi, has pulled off a counter-intuitive bond issue that has the region’s bankers buzzing with chatter. And they say there is the likelihood of more to come from the same source. It’s good news in a region desperate for some.

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